CIENA (CIEN) Gains Following Positive MKM Mid-Quarter Checks
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CIENA (NYSE: CIEN) is up 1.7% Thursday following positive mid-quarter checks from MKM Partners' Michael Genovese.
"Even though October, the most important month of the quarter and year, is still ahead, we are highly confident that 4QFY16 orders are strong," Genovese said.
They expect the company too slightly exceed MKM/consensus estimates (with a B-B above 1.0) and guide 1QFY17 well driven by a positive inflection in North American Tier 1 Metro orders and strength in Subsea, Asia-Pacific including India, direct Web-scale orders in the U.S. and indirect Web-scale demand via wholesale carriers in Europe.
In addition, GMs should not go below the 44.5+% level at any point, and the company should be well on its way to earning ~$2.00 per share in CY17.
The firm reiterated a Buy rating and price target of $28 on CIEN.
Shares of CIENA closed at $21.95 yesterday.
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